2024-11-12T10:03:25-06:00 2023-12-31 111986323 MARCUM LLP 1899 L STREET NW SUITE 850 WASHINGTON DC 20036 990 2023-01-01 462894529 TUNISIAN-AMERICAN ENTERPRISE FUND TUNI 2027652383 2000 PENNSYLVANIA AVENUE NW 7000 WASHINGTON DC 20006 LOUISE STONER CRAWFORD SECRETARY - MANAGING DIRECTOR 2027652383 2024-11-09 1 0 AARON M FOX P01365820 2022274000 2024-11-09 2023 2024-10-15 13:58:12Z LOUISE STONER CRAWFORD 2000 PENNSYLVANIA AVENUE NW 7000 WASHINGTON DC 20006 3198968 0 X WWW.TAEFUND.ORG X 2013 DE SUPPORT TUNISIAN ECONOMY BY INVESTING IN SMALL AND MEDIUM SIZED ENTERPRISES. 8 7 1 10 0 0 2067702 2494083 29962 219528 502059 373725 0 111632 2599723 3198968 292705 230686 0 0 875253 834739 0 0 0 2213969 448826 3381927 1514251 -782204 1684717 87978305 89030844 3269917 3142528 84708388 85888316 X THE PURPOSE OF THE TUNISIAN-AMERICAN ENTERPRISE FUND (THE FUND) IS TO PROMOTE DEVELOPMENT OF THE TUNISIAN PRIVATE SECTOR THROUGH LOANS, MICROLOANS, EQUITY INVESTMENTS, INSURANCE, GUARANTEES, GRANTS, FEASIBILITY STUDIES, TECHNICAL ASSISTANCE, TRAINING FOR BUSINESSES, RECEIVING INVESTMENT CAPITAL, AND OTHER MEASURES. 0 0 731485 230686 219528 IN 2023, TAEF CONTINUED TO WORK TO WORK WITH PERSISTENCE, DETERMINATION, AND CREATIVITY TO SUPPORT OUR INVESTEE COMPANIES AND TO SOURCE NEW OPPORTUNITIES FOR THE FUND. BY THE END OF 2023, TAEF HAD COMMITTED NEARLY ALL ITS INITIAL FUNDING AND DEPLOYED OVER $99 MILLION, LEVERAGING TND 999 M IN EXTERNAL FUNDING. IN THE PROCESS, OVER 9,800 JOBS WERE MAINTAINED AND / OR CREATED, EMPLOYING OVER 56% WOMEN AND 40% YOUTH AND OVER 419,700 MICROENTREPRENEURS RECEIVED FINANCING TO SUPPORT THEIR BUSINESSES. TAEF HAS ACTIVELY EXPANDED ITS INVESTMENT FOCUS THROUGHOUT THE COUNTRY TO PROMOTE GROWTH AND ECONOMIC OPPORTUNITIES IN THE INTERIOR AND HIGHLY DEMANDING REGIONS.FOR A DETAILED REPORT, OUR 2023 ANNUAL REPORT IS POSTED ON OUR WEBSITE: TAEFUND.ORG.GROWING SMES: TASME, OUR SME INVESTMENT SUBSIDIARY THAT IS FULLY FUNDED AT $50 MILLION. AT THE END OF 2023, TASME HAD INVESTED IN 21 COMPANIES IN A LARGE VARIETY OF SECTORS WITH INVESTMENT TICKETS AVERAGING $1.1 M. TAEF HAS INVESTED IN 3 INVESTMENT FUNDS FINANCING A TOTAL OF 13 COMPANIES.- TUNINVEST CROISSANCE, A PRIVATE EQUITY FUND INVESTING IN MID-LARGER SMES (TAEF AT 15.5%). THIS FUND IS FULLY INVESTED AND IS IN THE MONITORING, GROWTH, AND EXIT STAGE. TAEF INVESTMENT: $2.13 M EQUITY.- INMA HOLDING, A PRIVATE EQUITY INVESTMENT FUND TARGETING MID-LARGE SMES, (TAEF AT 30%). TAEF HAS COMMITTED $6.038 M EQUITY. BY THE END OF 2023, INMA HOLDING HADINVESTED IN 5 COMPANIES AND SUCCESSFULLY EXITED FROM ONE, GENERATING A 13.9% IRR.- INMA FINANCE (TAEF AT 79.65%), TAEF IS A CO-FOUNDER OF THIS NEWLY CREATED PRIVATE DEBT VEHICLE. AT THE END OF 2023 IT WAS INVESTED IN 2 COMPANIES. TAEF HAS INVESTED $10 M EQUITY. MICROENTREPRENEURS: TAEF MAINTAINED ITS 15.65% EQUITY INVESTMENT IN ONE MFI IN 2023, DAAM (FORMERLY CFE). FOR DAAM, 2023 WAS A YEAR OF SETTING THE STAGE FOR GROWTH WITH NEW CAPITAL, A ROBUSTINFORMATION SYSTEM, RISK MAPPING, DATA ANALYTICS, AND A STRONG TEAM. TAEF WAS VERY ACTIVE IN THE GOVERNANCE COMMITTEE AS IT DEVELOPED LONGER TERM STRATEGIES AND EXPLORED PARTNERSHIPS FOR GROWTH. DIGITAL ENTREPRENEURS: TAEF CONTINUED ITS SUPPORT OF FLAT6LABS AND ANAVA SEED FUND'S INVESTMENT IN DIGITAL START-UP COMPANIES. AS OF THE END OF 2023, TEN CYCLES OF DIGITAL COMPANIES, ATOTAL OF 75 STARTUPS, HAD COMPLETED THE ACCELERATOR PROGRAM AND PRESENTED THEIR COMPANIES AT A DEMO DAY. AT THE END OF 2023, 43% OF THE START-UPS HAD RAISED ADDITIONAL FOLLOW-ON FUNDING, THUS LEVERAGING ANAVA SEED FUND'S INVESTMENT BY TND 46.7M. IN ADDITION TO FINANCIAL RESOURCES, FLAT6LABS LEVERAGES ONE OF TUNISIA'S GREATEST ASSETS, ITS TALENTED AND RESOURCEFUL YOUTH.TAEF INVESTMENT IN FLAT6LABS & ANAVA SEED FUND: COMMITTED $4.2 M. WOMEN EMPLOYED IN THE STARTUPS: 55%. YOUTH EMPLOYED IN THE STARTUPS: 39%ENTREPRENEUR SEARCHERS - TASF 1 . OUR ENTREPRENEUR SEARCHED COMPLETED ACQUISITION OF PROPANN WITH AN INVESTMENT OF $ 6.05 M EQUITY. IN 2023, HE CONTINUED THE WORK SINCE ACQUISITION OF UPGRADING AND OPTIMIZING OPERATIONS, REFINING THE COMPANY'S STRATEGY WITH ATTENTION TO PRODUCT MIX, DEVELOPING NEW SOURCES FOR RAW MATERIALS, AND WORKING ON CREATING NEW MARKETS LOCALLY AND INTERNATIONALLY. MORE DETAIL INCLUDING TAEF'S INVESTMENT MAP AND ANNUAL REPORT ARE AVAILABLE ON OUR WEBSITE: TAEFUND.ORG. 731485 1 1 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 1 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 1 1 1 0 0 1 X 5 0 1 1 1 0 1 TS MP 0 0 0 0 0 0 0 0 0 0 X 8 7 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X LOUISE STONER CRAWFORD 2027652383 2000 PENNSYLVANIA AVENUE NW 7000 WASHINGTON DC 20006 W BOWMAN CUTTER CHAIR OF BOARD 15.00 X X 0 0 0 MOHAMED MALOUCHE TREASURER 2.00 X X 0 0 0 FERID ABBAS BOARD MEMBER 1.00 X 0 0 0 AHMED BENGHAZI BOARD MEMBER 1.00 X 0 0 0 GILBERT CRAWFORD BOARD MEMBER - UNTIL 08/2024 1.00 X 0 0 0 DONIA ELLOUZE BOARD MEMBER 1.00 X 0 0 0 LAUREN HENDRICKS BOARD MEMBER 1.00 X 0 0 0 HOWARD NEWMAN BOARD MEMBER 1.00 X 0 0 0 HATEM SELLAMI BOARD MEMBER 1.00 X 0 0 0 ANN WYMAN BOARD MEMBER - UNTIL 01/2024 1.00 X 0 0 0 HELA KADDOUR FOURATI PRESIDENT 45.00 X 568807 0 0 LOUISE STONER CRAWFORD SECRETARY - MANAGING DIRECTOR 20.00 X 252500 0 0 821307 0 0 2 0 1 0 0 2494083 2494083 LOAN INTEREST 900099 219528 219528 219528 373725 373725 TRANSLATION GAIN 900099 111632 111632 111632 3198968 219528 0 485357 230686 230686 821307 367193 454114 518 518 12914 356 12558 18795 4329 14466 175287 52967 122320 36782 36782 39900 29880 10020 5000 5000 9684 231 9453 38410 38410 18900 18900 16038 472 15566 64816 45371 19445 390 390 24643 24643 LICENSES & FEES 181 181 1514251 731485 782766 0 70888 110553 310250 722081 3219 1789 1820 1430 14761345 15888702 50456775 49930851 22377227 22377227 87978305 89030844 129817 33421 349456 190673 2790644 2918434 3269917 3142528 X 84708388 85888316 84708388 85888316 87978305 89030844 X 1684717 -377000 -127789 X 0 1 X 1 0 X 46154498 4642387 13200536 2067702 2494083 68559206 46154498 4642387 13200536 2067702 2494083 68559206 68559206 40345 59497 877314 502059 373725 1852940 111632 111632 70523778 2629485 0.97210 0.98070 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1950 520 1430 1269 1269 0 1430 TUNISIAN AMERICAN SME COMPANY 24999900 F INMA FINANCE 9152857 F PROPANN 6777572 F ANAVA SEED FUND 3301738 F INMA HOLDING FUND 3498821 F TUNINVEST CROISSANCE FUND 1024794 F CFE TUNSIE FUND 1136014 F FLAT 6 LABS FUND 37536 F INMA CONSEIL 1619 F 49930851 SUBSIDIARY ADVANCES FOR INVESTMENT 22377227 22377227 DUE TO AFFILIATE 2278989 PROVISION FOR INVESTMENT IMPAIRMENT 639445 2918434 X PART X, LINE 2: TAEF EVALUATED ITS UNCERTAINTY IN INCOME TAXES FOR THE YEAR ENDED DECEMBER 31, 2023, AND DETERMINED THAT THERE WERE NO MATTERS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS OR THAT MAY HAVE ANY EFFECT ON ITS TAX-EXEMPT STATUS. 1 MIDDLE EAST AND NORTH AFRICA 1 8 INVESTMENTS 49930850 MIDDLE EAST AND NORTH AFRICA 1 8 GRANTMAKING 230686 2 16 0 0 2 16 50161536 0 50161536 MIDDLE EAST AND NORTH AFRICA GENERAL SUPPORT 230686 WIRE 0 0 1 1 0 1 0 0 0 PART I, LINE 2: THE FUND'S PRIMARY PURPOSE IS INVESTMENT OF THE FUNDS. THE FUND MONITORS ITS INVESTMENTS CLOSELY. ANY GRANTS THE FUND MAKES TO OTHER ENTITIES ARE MADE IN SUPPORT OF OUR MISSION OF INVESTING IN TUNISIA'S SME SECTOR AND ARE OFTEN PART OF A PACKAGE WITH EQUITY AND/OR LOANS. THE PERFORMANCE OF THESE ENTITIES IS CLOSELY MONITORED AND, WITH EQUITY INVESTMENTS, THE FUND USUALLY HAS A SEAT ON THE BOARD. PART I, LINE 3: INVESTMENTS CONSIST OF THE FUND'S INTEREST IN A PRIVATE EQUITY FUND AND IN CERTAIN PARTNERSHIPS WHICH ARE CONSIDERED TO BE ALTERNATIVE INVESTMENTS; AS SUCH, THESE ALTERNATIVE INVESTMENTS ARE NOT TRADED IN AN ESTABLISHED MARKET. THE FUND'S INTEREST IN THESE ALTERNATIVE INVESTMENTS IS RECORDED AT THE LOWER OF COST OR MARKET. X 1 1 X 0 0 0 0 0 0 0 1 0 HELA KADDOUR FOURATI PRESIDENT 271301 0 240625 0 56881 0 0 0 0 0 568807 0 0 0 LOUISE STONER CRAWFORD SECRETARY - MANAGING DIRECTOR 192500 0 60000 0 0 0 0 0 0 0 252500 0 0 0 PART I, LINE 1A HELA KADDOUR FOURATI, COO AND MANAGING DIRECTOR, RECEVIED TAX REIMBURSEMENT OF $56,881 FOR THE YEAR 2023. PART I, LINE 1B THE DECISION TO PROVIDE TAX REIMBURSEMENT AND GROSS-UP PAYMENTS TO MS. FOURATI WAS DISCUSSED, UNANIMOUSLY APPROVED, AND DOCUMENTED IN WRITING BY THE BOARD, BUT THIS BENEFIT IS NOT EXPRESSED IN A WRITTEN POLICY. PART I, LINE 7 IN 2023, HELA KADDOUR FOURATI, COO - MANAGING DIRECTOR, AND LOUISE STONER CRAWFORD, SECRETARY - MANAGING DIRECTOR, EACH RECEIVED A BONUS DETERMINED UPON THE DISCRETION OF THE BOARD OF DIRECTORS. THE PERFORMANCE-BASED BONUS FRAMEWORK FOR TAEF AND TAEF SUBSIDIARIES HAS BEEN APPROVED BY USAID. GIL CRAWFORD SPOUSE OF LOUISE STONER CRAWFORD, OFFICER 252500 PERFORMANCE OF SERVICE AS MANAGING DIRECTOR 0 FORM 990, PART V, LINE 2A: THE TOTAL NUMBER OF US CITIZENS RECEIVING FORM W-2S IS 1 AND THE TOTAL EMPLOYEES WORLDWIDE THAT ARE NOT US CITIZENS NOT RECEIVING FORM W-2S IS 2. THEREFORE, THE TOTAL EMPLOYEES FOR THE ORGANIZATION WORLDWIDE IS 3. FORM 990, PART VI, SECTION A, LINE 2 GIL CRAWFORD AND LOUISE STONER CRAWFORD HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE FINAL DRAFT OF THE FEDERAL FORM 990 AS PREPARED BY THE INDEPENDENT ACCOUNTING FIRM IS PRESENTED TO THE FULL BOARD OF DIRECTORS FOR REVIEW BEFORE IT IS SUBMITTED TO THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C A THOROUGH CONFLICT OF INTEREST POLICY IS DETAILED IN THE CORPORATE POLICIES AND PROCEDURES, WHICH HAVE BEEN REVIEWED AND APPROVED BY ALL BOARD MEMBERS. ALL NEW BOARD MEMBERS AND SIGNIFICANT FINANCIAL RELATIONSHIPS ARE VETTED FOR CONFLICT OF INTEREST. BOARD MEMBERS ARE VETTED BY USAID, THE STATE DEPARTMENT AND THE WHITE HOUSE; CONFLICTS OF INTEREST ARE REVEALED AT THE TIME OF VETTING. BOARD MEMBERS REVIEW AND SIGN A CONFLICT OF INTEREST FORM YEARLY AT THE ANNUAL MEETING. THE STATE DEPARTMENT ALSO REVIEWED AND APPROVED IN ADVANCE ENGAGING AN INDEPENDENT CONTRACTOR WITH POTENTIAL CONFLICT OF INTERESTS TO ESTABLISH THE FUND'S OPERATIONS. ALSO, ALL STAFF MEMBERS SIGN THE CONFLICT OF INTEREST POLICY AT TIME OF HIRE. BOTH THE MANAGING DIRECTOR AND THE PRESIDENT ARE AWARE OF THE CONFLICT OF INTEREST POLICY AND VET POTENTIAL PARTNERS. CONFLICTS ARE DISCLOSED AND HANDLED PER THE CORPORATE POLICIES. AS ADDITIONAL CONFLICTS OF INTEREST ARISE, THEY ARE HANDLED AS DETAILED IN THE CORPORATE POLICIES, A PROCESS WHICH MAY INCLUDE SUBMISSION TO USAID FOR ADVANCE APPROVAL AND AGREEMENT ON MITIGATIONS. ALL PERSONS COVERED BY THE CONFLICT-OF-INTEREST POLICY ARE REQUIRED TO RECUSE THEMSELVES FROM ALL DECISIOINS IN WHICH THEY MAY HAVE A PERSONAL CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR OFFICERS IS DETERMINED BY THE TAEF BOARD OF DIRECTORS THROUGH A PROCESS OF REVIEW AND APPROVAL. THE BOARD OF DIRECTORS UTILIZES COMPARABILITY DATA AND DOCUMENTS THE DELIBERATION AND DECISION. TAEF'S FRAMEWORK FOR BONUS COMPENSATION HAS BEEN REVIEWED AND APPROVED BY USAID. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: IMPAIRMENT RECOVERY ON FOREIGN ASSETS -127,789. TAEF ADVISORY COMPANY IMMEUBLE ZENITH RUE DE LA BOURSE TUNIS TS 01053 INVESTMENT ADVISOR TS TAEF 230686 333224 0.99900 1 SME CONSULTING COMPANY IMMEUBLE ZENITH RUE DE LA BOURSE TUNIS TS 01053 INVESTMENT ADVISOR TS TUNISIAN AMERICAN SME COMPANY 791999 2873662 0.99900 1 TUNISIAN AMERICAN SME COMPANY C/O TRIDENT TRUST COMPANY 5TH FLOO PORT LOUIS MP INVESTMENT FUND MP TAEF 1799159 38447451 1.00000 1 TUNISIAN AMERICAN SEARCH FUND IMMEUBLE ZENITH RUE DE LA BOURSE TUNIS TS 01053 INVESTMENT FUND TS TAEF 869408 8842179 0.90000 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TAEF ADVISORY COMPANY B 230686 CASH